Net Worth Ranker
What Was Lou Costello’s Net Worth?
At the time of his death on March 3, 1959, Lou Costello, the celebrated American actor and comedian, had a net worth of $250,000. Adjusting for inflation, this is equivalent to approximately $2.3 million in today’s currency. Although both Lou Costello and his comedy partner, Bud Abbott, earned what would amount to hundreds of millions of dollars during their careers, financial mismanagement and poor tax planning significantly diminished their wealth by the end of their lives.
Early Life and Career Beginnings
Born Louis Francis Cristillo on March 6, 1906, in Paterson, New Jersey, Lou Costello was the son of Helen Rege and Sebastiano Cristillo. His father, originally from Caserta, Campania, Italy, worked as a silk weaver and insurance sales agent. Costello attended Public School 15 in Paterson and displayed remarkable athletic abilities, particularly in basketball. His skills were later showcased in the 1945 film “Here Come the Co-Eds,” where he performed his own trick basketball shots.
Growing up, Costello greatly admired Charlie Chaplin, the iconic silent-film comedian, and Chaplin’s work inspired Costello to pursue a career in entertainment. In 1927, at the age of 19, Costello hitchhiked to Hollywood with aspirations of becoming an actor. However, initial opportunities were limited to laboring jobs and roles as an extra at Metro-Goldwyn-Mayer and Hal Roach Studios. His athleticism led to occasional work as a stuntman, notably in “The Trail of ’98” in 1928, and he secured a small role in the Laurel and Hardy film “The Battle of the Century.” It was during this period that he adopted the professional name Lou Costello, inspired by the actress Helene Costello.
In 1928, Lou Costello returned to the East Coast to gain experience in theater, coinciding with the advent of talking films. While traveling through the country, he found himself stranded in St. Joseph, Missouri, where he convinced a local burlesque producer to hire him as a comic. By the end of the year, he was back in New Jersey. In 1929, he began working in burlesque on the Mutual Burlesque wheel. Following the collapse of the Mutual Wheel during the Great Depression, Costello worked for various stock burlesque impresarios, including the Minskys, an American burlesque brand operated by the four Minsky brothers. It was here that he met Bud Abbott, marking the beginning of their legendary partnership.
The Rise of Abbott and Costello
Lou Costello and Bud Abbott first collaborated in 1935 at the Eltinge Theatre on 42nd Street in New York City when Costello’s original partner fell ill. They officially formed a team in 1936, with Abbott assuming the role of the straight man to Costello’s comedic antics. The William Morris talent agency signed the duo, securing them featured roles and national exposure on “The Kate Smith Hour,” a popular radio variety show, in 1938. Their signature routine, “Who’s On First?” debuted on Smith’s show and remains a classic comedy sketch performed by comedians to this day. John Grant, a comedy writer, further refined many of Abbott and Costello’s sketches after they joined Smith’s show. Their success on “The Kate Smith Hour” led to their appearance in the Broadway musical “The Streets of Paris” in 1939.
In 1940, Universal Pictures signed Abbott and Costello for supporting roles in “One Night in the Tropics.” Their breakthrough film was “Buck Privates” in 1941. They appeared in three more films that year and were voted the number three box-office stars of 1941. They also became regulars on Edgar Bergen’s “The Chase and Sanborn Program.” In October 1942, they launched their own series, “The Abbott and Costello Show,” on NBC. The show ran on NBC through the spring of 1947 and then on ABC through the spring of 1949. Between 1940 and 1956, Abbott and Costello appeared in 36 films, becoming among the most popular and highest-paid entertainers in the world during World War II. Their most popular films included “Hold That Ghost,” “Who Done It?” “Pardon My Sarong,” “The Time of Their Lives,” “Abbott and Costello Meet Frankenstein,” and “Abbott and Costello Meet the Invisible Man.” During the summer of 1942, the duo embarked on a 35-day cross-country tour to promote and sell war bonds, with the Treasury Department crediting them with the sale of $85 million in bonds.
Earnings and Financial Challenges
Between 1940 and 1956, Lou Costello and Bud Abbott made 36 movies together. These films were box office gold, earning more than $120 million. The duo earned around $25 million from their films alone, which is equivalent to approximately $360 million today, meaning $180 million apiece. In the early part of their career, they split earnings 60-40 in favor of Abbott, but they eventually shifted to a 60-40 split in favor of Costello for much of their time in Hollywood.
Unfortunately, as their careers waned in the 1950s, the IRS audited Abbott and Costello, reversing $500,000 in tax exemptions that had been credited to Abbott. This forced him to sell his house and end an early retirement. Costello faced a similar situation, and both were forced to sell their mansions and the rights to many of their most popular films to cover their respective debts.
Personal Life and Final Years
On January 30, 1934, Lou Costello married Anne Battler, a burlesque chorus dancer. They had their first daughter, Patricia, in 1936, followed by a second daughter, Carole, in 1938. In 1942, they had a son who passed away by accidental drowning before reaching his first birthday. In 1947, they had their final child, a daughter named Christine.
Cracks began to appear in Abbott and Costello’s relationship as their fame grew. They sometimes disagreed over what shows to book and, over the years, they grew increasingly frosty with one another. Costello suffered from rheumatic fever in 1943 and was unable to work for six months. By 1946, they were rarely speaking to each other off-camera. Abbott attempted to mend their relationship by suggesting that the foundation they were founding together for rheumatic fever sufferers be named the Lou Costello Jr. Youth Foundation. By the mid-1950s, Abbott and Costello were no longer ranked among the top box office stars.
They performed in their final film together, “Dance with Me, Henry,” in 1956, and dissolved their partnership in 1957. Lou Costello went on to work with several other comedians and appeared on “The Tonight Show” a few times. He also had a role in “The 30 Foot Bride of Candy Rock,” the only film he appeared in after his partnership with Abbott ended. Three days before his 53rd birthday, Lou Costello died at Doctors Hospital in Beverly Hills on March 3, 1959, after suffering a heart attack. He was interred at the Calvary Cemetery in East Los Angeles on March 8th. His wife, Anne, died from a heart attack nine months later in December 1959.
Lou Costello’s Net Worth and Legacy
Despite earning millions during his career, Lou Costello’s net worth at the time of his death was $250,000. This figure reflects the impact of poor financial decisions and tax issues that plagued him and Bud Abbott in their later years. Nevertheless, Lou Costello’s contribution to comedy remains significant. His partnership with Bud Abbott produced timeless routines and films that continue to entertain audiences today. Lou Costello’s legacy endures through his work and the impact he had on the world of entertainment. His comedic timing and physical comedy skills made him a beloved figure in American comedy.
